Economy of Italy
|
|
| Currency | Euro (EUR), except in Campione d'Italia (CHF) |
|---|---|
| calendar year | |
|
Trade organisations
|
European Union, WTO (via EU membership), OECD |
| Statistics | |
| GDP | $1.852 trillion (nominal, 2016); $2.220 trillion (PPP, 2016) |
| GDP rank | 8th (nominal) / 12th (PPP) |
|
GDP growth
|
 +0.2% Q4 2016 +1.0% for 2016 |
|
GDP per capita
|
$30,540 (nominal, 2016); $36,428 (PPP, 2016); €26,500 (nominal, 2016) |
|
GDP by sector
|
services (74%), industry (24%), agriculture (2%) |
|
+1,5% (Feb 2017) |
|
|
Population below poverty line
|
5.7% in poverty, 2014; 24.7% at risk of poverty or social exclusion, 2014 |
| 36 | |
|
Labour force
|
25.7 million |
|
Labour force by occupation
|
services (68%), industry (28%), agriculture (4%) |
| Unemployment |
 11,7% Feb 2017 |
|
Average gross salary
|
€20,690 ($23,260), yearly (+1,3%) (2016) (as gross income and not gross wage) |
|
Main industries
|
iron and steel, cement, chemicals, plastics, production machinery, motor vehicles, shipbuilding, space and aircraft, machine tools, communications, medical apparatus, pharmaceuticals, food and beverages processing, textiles, clothing, fashion, home appliances, tourism |
| 50th (2017) | |
| External | |
| Exports |
$0.53 trillion |
|
Export goods
|
engineering products; electrical equipment; vehicles, aircraft and vessels; base metals and steel; textiles, clothing and footwear; chemicals; food and beverages; precious metals; optical and medical apparatus; stone, cement and glass products; paper |
|
Main export partners
|
 Germany 12.6% France 11.1% United States 6.8% Switzerland 5.7% United Kingdom 4.7% Spain 4.4% |
| Imports |
$0.45 trillion |
|
Import goods
|
minerals; engineering products; chemicals; motor vehicles; base metals; plastics; textiles |
|
Main import partners
|
Germany 14.7% France 8.4% China 8.4% Russia 6.3% Netherlands 5.8% Spain 4.5% |
|
FDI stock
|
$0.7 trillion |
|
Gross external debt
|
$2.6 trillion |
| Public finances | |
|
131% of GDP |
|
| Revenues | $1.0 trillion |
| Expenses | $1.1 trillion |
| Economic aid | Donor: $2.5 billion, 0.15% of GDP |
|
Standard & Poor's: BBB+ Outlook: Stable Moody's: BAA2 Outlook: Stable Fitch: BBB+ Outlook: Stable |
|
|
Foreign reserves
|
$0.2 trillion |
€20,690 ($23,260), yearly (+1,3%) (2016)
The economy of Italy is the 3rd-largest national economy in the eurozone, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). The country is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G8. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), United States (6.8%), Switzerland (5.7%), United Kingdom (4.7%), and Spain (4.4%).
In the post-war period, Italy was transformed from an agricultural based economy which had been severely affected by the consequences of the World Wars, into one of the world's most industrialized nations, and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living, and has the world's 8th highest quality of life according to The Economist. Italy owns the world's third-largest gold reserve, and is the third net contributor to the budget of the European Union. The country is also well known for its influential and innovative business economic sector, an industrious (Italy is the second largest manufacturer in Europe behind Germany) and competitive agricultural sector (Italy is the world's largest wine producer), and for its creative and high-quality automobile, naval, industrial, appliance and fashion design. Italy is the largest market for luxury goods in Europe (third in the world).
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Wikipedia